Evolus under pressure on potential barrier to Jeuveau sales in U.S.

Evolus (NASDAQ:EOLS) slumps 38% premarket after the Administrative Law Judge (ALJ) overseeing the United States International Trade Commission (USITC) released a Notice of Initial Determination for a case filed by AbbVie’s (NYSE:ABBV) Allergan and its Korean partner Medytox in January 2019 to block imports of Evolus’ and Daewoong Pharma’s Jeuveau, a rival to Allergan’s Botox wrinkle treatment.

This non-binding initial decision by the ALJ finds a violation of Section 337 of the Tariff Act of 1930.

“We strongly disagree with the initial determination and we look forward to the full Commission’s Final Determination targeted for November 6, 2020,” said David Moatazedi, President and CEO.

The company intends to petition the Commission to review the case on the grounds of an improper attempt to use the USITC as a means to litigate a dispute between two Korean competitors.

The trade secrets asserted by Allergan and Medytox have never been used in the U.S.

https://seekingalpha.com/news/3588975-evolus-under-pressure-on-potential-barrier-to-jeuveau-sales-in-u-s